Backtest Portfolio Asset Class Allocation

This portfolio backtesting tool allows you to construct one or more portfolios based on the selected asset class level allocations in order to analyze and backtest portfolio returns, risk characteristics, drawdowns, and rolling returns. You can compare up to three different portfolios against the selected benchmark, and you can also specify any periodic contribution or withdrawal cashflows and the preferred portfolio rebalancing strategy. You can also use the portfolio backtesting tool to build and compare portfolios based on specific mutual funds, ETFs, and stocks.

Portfolio View

Time Period

Start Year

First Month

End Year

Last Month

Calendar Aligned

Initial Amount

$ .00

Cashflows

Contribution Amount

$ .00

Inflation Adjusted

Withdrawal percentage

Frequency

Rebalancing

Absolute Deviation

Relative Deviation

Benchmark

Benchmark Ticker

Asset Allocation

Select allocation for portfolio 1

Select allocation for portfolio 2

Select allocation for portfolio 3

US Stock Market

Enter US Stock Market allocation for portfolio 1 %

Enter US Stock Market allocation for portfolio 2 %

Enter US Stock Market allocation for portfolio 3 %

US Large Cap

Enter US Large Cap allocation for portfolio 1 %

Enter US Large Cap allocation for portfolio 2 %

Enter US Large Cap allocation for portfolio 3 %

US Large Cap Value

Enter US Large Cap Value allocation for portfolio 1 %

Enter US Large Cap Value allocation for portfolio 2 %

Enter US Large Cap Value allocation for portfolio 3 %

US Large Cap Growth

Enter US Large Cap Growth allocation for portfolio 1 %

Enter US Large Cap Growth allocation for portfolio 2 %

Enter US Large Cap Growth allocation for portfolio 3 %

US Mid Cap

Enter US Mid Cap allocation for portfolio 1 %

Enter US Mid Cap allocation for portfolio 2 %

Enter US Mid Cap allocation for portfolio 3 %

US Mid Cap Value

Enter US Mid Cap Value allocation for portfolio 1 %

Enter US Mid Cap Value allocation for portfolio 2 %

Enter US Mid Cap Value allocation for portfolio 3 %

US Mid Cap Growth

Enter US Mid Cap Growth allocation for portfolio 1 %

Enter US Mid Cap Growth allocation for portfolio 2 %

Enter US Mid Cap Growth allocation for portfolio 3 %

US Small Cap

Enter US Small Cap allocation for portfolio 1 %

Enter US Small Cap allocation for portfolio 2 %

Enter US Small Cap allocation for portfolio 3 %

US Small Cap Value

Enter US Small Cap Value allocation for portfolio 1 %

Enter US Small Cap Value allocation for portfolio 2 %

Enter US Small Cap Value allocation for portfolio 3 %

US Small Cap Growth

Enter US Small Cap Growth allocation for portfolio 1 %

Enter US Small Cap Growth allocation for portfolio 2 %

Enter US Small Cap Growth allocation for portfolio 3 %

US Micro Cap

Enter US Micro Cap allocation for portfolio 1 %

Enter US Micro Cap allocation for portfolio 2 %

Enter US Micro Cap allocation for portfolio 3 %

Global ex-US Stock Market

Enter Global ex-US Stock Market allocation for portfolio 1 %

Enter Global ex-US Stock Market allocation for portfolio 2 %

Enter Global ex-US Stock Market allocation for portfolio 3 %

Intl Developed ex-US Market

Enter Intl Developed ex-US Market allocation for portfolio 1 %

Enter Intl Developed ex-US Market allocation for portfolio 2 %

Enter Intl Developed ex-US Market allocation for portfolio 3 %

International ex-US Small Cap

Enter International ex-US Small Cap allocation for portfolio 1 %

Enter International ex-US Small Cap allocation for portfolio 2 %

Enter International ex-US Small Cap allocation for portfolio 3 %

International ex-US Value

Enter International ex-US Value allocation for portfolio 1 %

Enter International ex-US Value allocation for portfolio 2 %

Enter International ex-US Value allocation for portfolio 3 %

European Stocks

Enter European Stocks allocation for portfolio 1 %

Enter European Stocks allocation for portfolio 2 %

Enter European Stocks allocation for portfolio 3 %

Pacific Stocks

Enter Pacific Stocks allocation for portfolio 1 %

Enter Pacific Stocks allocation for portfolio 2 %

Enter Pacific Stocks allocation for portfolio 3 %

Emerging Markets

Enter Emerging Markets allocation for portfolio 1 %

Enter Emerging Markets allocation for portfolio 2 %

Enter Emerging Markets allocation for portfolio 3 %

Cash

Enter Cash allocation for portfolio 1 %

Enter Cash allocation for portfolio 2 %

Enter Cash allocation for portfolio 3 %

Short Term Treasury

Enter Short Term Treasury allocation for portfolio 1 %

Enter Short Term Treasury allocation for portfolio 2 %

Enter Short Term Treasury allocation for portfolio 3 %

Intermediate Term Treasury

Enter Intermediate Term Treasury allocation for portfolio 1 %

Enter Intermediate Term Treasury allocation for portfolio 2 %

Enter Intermediate Term Treasury allocation for portfolio 3 %

10-year Treasury

Enter 10-year Treasury allocation for portfolio 1 %

Enter 10-year Treasury allocation for portfolio 2 %

Enter 10-year Treasury allocation for portfolio 3 %

Long Term Treasury

Enter Long Term Treasury allocation for portfolio 1 %

Enter Long Term Treasury allocation for portfolio 2 %

Enter Long Term Treasury allocation for portfolio 3 %

Total US Bond Market

Enter Total US Bond Market allocation for portfolio 1 %

Enter Total US Bond Market allocation for portfolio 2 %

Enter Total US Bond Market allocation for portfolio 3 %

TIPS

Enter TIPS allocation for portfolio 1 %

Enter TIPS allocation for portfolio 2 %

Enter TIPS allocation for portfolio 3 %

Global Bonds (Unhedged)

Enter Global Bonds (Unhedged) allocation for portfolio 1 %

Enter Global Bonds (Unhedged) allocation for portfolio 2 %

Enter Global Bonds (Unhedged) allocation for portfolio 3 %

Global Bonds (USD Hedged)

Enter Global Bonds (USD Hedged) allocation for portfolio 1 %

Enter Global Bonds (USD Hedged) allocation for portfolio 2 %

Enter Global Bonds (USD Hedged) allocation for portfolio 3 %

Short-Term Investment Grade

Enter Short-Term Investment Grade allocation for portfolio 1 %

Enter Short-Term Investment Grade allocation for portfolio 2 %

Enter Short-Term Investment Grade allocation for portfolio 3 %

Corporate Bonds

Enter Corporate Bonds allocation for portfolio 1 %

Enter Corporate Bonds allocation for portfolio 2 %

Enter Corporate Bonds allocation for portfolio 3 %

Long-Term Corporate Bonds

Enter Long-Term Corporate Bonds allocation for portfolio 1 %

Enter Long-Term Corporate Bonds allocation for portfolio 2 %

Enter Long-Term Corporate Bonds allocation for portfolio 3 %

High Yield Corporate Bonds

Enter High Yield Corporate Bonds allocation for portfolio 1 %

Enter High Yield Corporate Bonds allocation for portfolio 2 %

Enter High Yield Corporate Bonds allocation for portfolio 3 %

Short-Term Tax-Exempt

Enter Short-Term Tax-Exempt allocation for portfolio 1 %

Enter Short-Term Tax-Exempt allocation for portfolio 2 %

Enter Short-Term Tax-Exempt allocation for portfolio 3 %

Intermediate-Term Tax-Exempt

Enter Intermediate-Term Tax-Exempt allocation for portfolio 1 %

Enter Intermediate-Term Tax-Exempt allocation for portfolio 2 %

Enter Intermediate-Term Tax-Exempt allocation for portfolio 3 %

Long-Term Tax-Exempt

Enter Long-Term Tax-Exempt allocation for portfolio 1 %

Enter Long-Term Tax-Exempt allocation for portfolio 2 %

Enter Long-Term Tax-Exempt allocation for portfolio 3 %

REIT

Enter REIT allocation for portfolio 1 %

Enter REIT allocation for portfolio 2 %

Enter REIT allocation for portfolio 3 %

Gold

Enter Gold allocation for portfolio 1 %

Enter Gold allocation for portfolio 2 %

Enter Gold allocation for portfolio 3 %

Precious Metals

Enter Precious Metals allocation for portfolio 1 %

Enter Precious Metals allocation for portfolio 2 %

Enter Precious Metals allocation for portfolio 3 %

Commodities

Enter Commodities allocation for portfolio 1 %

Enter Commodities allocation for portfolio 2 %

Enter Commodities allocation for portfolio 3 %

Total

Total allocation for portfolio 1 %

Total allocation for portfolio 2 %

Total allocation for portfolio 3 %

Portfolio Analysis Results (Jan 2004 - Dec 2017)

Portfolio Allocations

Portfolio 1
Asset Class	Allocation
US Stock Market	21.25%
Intl Developed ex-US Market	21.25%
Emerging Markets	42.50%
10-year Treasury	7.50%
Global Bonds (Unhedged)	7.50%
Save asset allocation »

Portfolio 2
Asset Class	Allocation
European Stocks	100.00%
Save asset allocation »

Portfolio 3
Asset Class	Allocation
Global Bonds (USD Hedged)	100.00%
Save asset allocation »

Portfolio Returns

Portfolio performance statistics
Portfolio	Initial Balance	Final Balance	CAGR	Stdev	Best Year	Worst Year	Max. Drawdown	Sharpe Ratio	Sortino Ratio	US Mkt Correlation
Portfolio 1	$10,000	$31,992	8.66%	15.09%	44.92%	-37.75%	-50.34%	0.55	0.82	0.87
Portfolio 2	$10,000	$23,505	6.29%	18.31%	33.42%	-44.73%	-59.72%	0.36	0.52	0.87
Portfolio 3	$10,000	$21,089	5.47%	3.67%	15.30%	-2.35%	-10.03%	1.12	1.88	0.17
iShares MSCI Spain Capped ETF	$10,000	$20,677	5.33%	24.63%	49.25%	-36.78%	-58.63%	0.29	0.43	0.70

Notes on results:

Past performance is no guarantee of future results, which may vary. All use is subject to terms of service.
Investing involves risk, including possible loss of principal. The value of the investments and the income derived from them may fluctuate over time.
All portfolio returns presented are hypothetical and backtested. Hypothetical returns do not reflect trading costs, transaction fees, or taxes.
The results are based on information from a variety of sources we consider reliable, but we do not represent that the information is accurate or complete.
The results do not constitute investment advice or recommendation, are provided solely for informational purposes, and are not an offer to buy or sell any securities.
The results are based on the total return of assets and assume that all received dividends and distributions are reinvested.
CAGR = Compound Annual Growth Rate
Stdev = Annualized standard deviation of monthly returns
Sharpe and Sortino ratios are calculated and annualized from monthly excess returns over risk free rate (3-month treasury bill)
Stock market correlation is based on the correlation of monthly returns
Drawdowns are calculated based on monthly returns excluding cashflows
Monthly return series of the selected benchmark is used for results comparisons
The backtested results assume annual rebalancing of portfolio assets to match the specified allocation

Annual returns for the configured portfolios
Year	Inflation	Return				Balance				US Stock Market	Intl Developed ex-US Market	Emerging Markets	10-year Treasury	Global Bonds (Unhedged)	European Stocks	Global Bonds (USD Hedged)
Year	Inflation	Portfolio 1	Portfolio 2	Portfolio 3	iShares MSCI Spain Capped ETF	Portfolio 1	Portfolio 2	Portfolio 3	iShares MSCI Spain Capped ETF	US Stock Market	Intl Developed ex-US Market	Emerging Markets	10-year Treasury	Global Bonds (Unhedged)	European Stocks	Global Bonds (USD Hedged)
2004	3.26%	19.27%	20.86%	6.11%	30.13%	$11,927	$12,086	$10,611	$13,013	12.52%	20.25%	26.12%	4.50%	11.57%	20.86%	6.11%
2005	3.42%	17.53%	9.26%	4.98%	4.56%	$14,018	$13,205	$11,139	$13,606	5.98%	13.60%	32.05%	3.01%	-6.36%	9.26%	4.98%
2006	2.54%	21.97%	33.42%	2.94%	49.25%	$17,098	$17,618	$11,467	$20,307	15.51%	26.27%	29.39%	2.19%	5.85%	33.42%	2.94%
2007	4.08%	21.55%	13.82%	4.99%	20.93%	$20,782	$20,053	$12,040	$24,558	5.49%	11.15%	38.90%	10.42%	9.26%	13.82%	4.99%
2008	0.09%	-37.75%	-44.73%	-2.35%	-36.78%	$12,937	$11,084	$11,757	$15,525	-37.04%	-41.27%	-52.81%	20.53%	-2.68%	-44.73%	-2.35%
2009	2.72%	44.92%	31.91%	15.30%	33.02%	$18,749	$14,621	$13,555	$20,651	28.70%	28.27%	75.98%	-10.17%	17.17%	31.91%	15.30%
2010	1.50%	14.86%	4.91%	8.53%	-18.87%	$21,535	$15,339	$14,711	$16,754	17.09%	8.36%	18.86%	7.92%	11.24%	4.91%	8.53%
2011	2.96%	-8.53%	-11.60%	8.60%	-10.08%	$19,699	$13,559	$15,976	$15,066	0.96%	-12.51%	-18.78%	16.24%	9.20%	-11.60%	8.60%
2012	1.74%	16.08%	20.80%	9.54%	5.43%	$22,867	$16,380	$17,499	$15,884	16.25%	18.56%	18.64%	2.73%	7.42%	20.80%	9.54%
2013	1.50%	8.55%	24.70%	-0.81%	31.86%	$24,821	$20,427	$17,357	$20,944	33.35%	22.06%	-5.19%	-8.57%	-5.04%	24.70%	-0.81%
2014	0.76%	2.59%	-6.67%	9.70%	-6.28%	$25,464	$19,065	$19,041	$19,628	12.43%	-5.66%	0.42%	10.63%	2.37%	-6.67%	9.70%
2015	0.73%	-6.74%	-2.00%	-0.00%	-15.51%	$23,749	$18,683	$19,041	$16,584	0.29%	-0.19%	-15.47%	1.12%	-3.57%	-2.00%	-0.00%
2016	2.07%	8.47%	-0.80%	6.17%	-1.82%	$25,760	$18,534	$20,216	$16,283	12.53%	2.45%	11.50%	1.00%	4.25%	-0.80%	6.17%
2017	2.11%	24.19%	26.82%	4.32%	26.99%	$31,992	$23,505	$21,089	$20,677	21.05%	26.40%	31.15%	2.39%	9.21%	26.82%	4.32%

Portfolio return and risk metrics
Metric	Portfolio 1	Portfolio 2	Portfolio 3	iShares MSCI Spain Capped ETF
Arithmetic Mean (monthly)	0.79%	0.65%	0.45%	0.69%
Arithmetic Mean (annualized)	9.91%	8.11%	5.54%	8.56%
Geometric Mean (monthly)	0.69%	0.51%	0.45%	0.43%
Geometric Mean (annualized)	8.66%	6.29%	5.47%	5.33%
Volatility (monthly)	4.36%	5.29%	1.06%	7.11%
Volatility (annualized)	15.09%	18.31%	3.67%	24.63%
Downside Deviation (monthly)	2.89%	3.67%	0.60%	4.74%
Max. Drawdown	-50.34%	-59.72%	-10.03%	-58.63%
US Market Correlation	0.87	0.87	0.17	0.70
Beta^(*)	0.48	0.66	0.03	1.00
Alpha (annualized)	5.54%	2.41%	5.19%	-0.00%
R²	60.92%	78.16%	3.14%	100.00%
Sharpe Ratio	0.55	0.36	1.12	0.29
Sortino Ratio	0.82	0.52	1.88	0.43
Treynor Ratio (%)	17.31	10.07	159.35	7.04
Calmar Ratio	0.45	0.42	0.94	0.06
Active Return	3.34%	0.97%	0.15%	N/A
Tracking Error	15.95%	12.02%	24.25%	N/A
Information Ratio	0.21	0.08	0.01	N/A
Skewness	-0.61	-0.65	-0.57	-0.13
Excess Kurtosis	2.49	2.02	4.15	1.26
Historical Value-at-Risk (5%)	-7.22%	-9.68%	-1.10%	-10.76%
Analytical Value-at-Risk (5%)	-6.38%	-8.04%	-1.29%	-11.01%
Conditional Value-at-Risk (5%)	-10.08%	-13.16%	-2.17%	-15.98%
Upside Capture Ratio (%)	56.07	68.94	8.88	100.00
Downside Capture Ratio (%)	46.63	68.02	-6.53	100.00
Safe Withdrawal Rate	11.74%	9.64%	8.84%	10.34%
Perpetual Withdrawal Rate	6.04%	3.95%	3.20%	3.06%
Positive Periods	104 out of 168 (61.90%)	99 out of 168 (58.93%)	122 out of 168 (72.62%)	95 out of 168 (56.55%)
Gain/Loss Ratio	1.00	0.95	1.17	0.99
^* iShares MSCI Spain Capped ETF is used as the benchmark for calculations. Value-at-risk metrics are based on monthly values.

Drawdowns for Historical Market Stress Periods

Drawdowns for Historical Market Stress Periods
Stress Period	Start	End	Portfolio 1	Portfolio 2	Portfolio 3	iShares MSCI Spain Capped ETF
Subprime Crisis	Nov 2007	Mar 2009	-50.34%	-59.72%	-10.03%	-55.75%

Drawdowns for Portfolio 1

Drawdowns for Portfolio 1 (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Nov 2007	Feb 2009	1 year 4 months	Mar 2011	2 years 1 month	3 years 5 months	-50.34%
2	May 2011	Sep 2011	5 months	Jan 2013	1 year 4 months	1 year 9 months	-19.18%
3	May 2015	Feb 2016	10 months	Feb 2017	1 year	1 year 10 months	-17.49%
4	May 2006	Jun 2006	2 months	Oct 2006	4 months	6 months	-6.30%
5	Apr 2004	Jul 2004	4 months	Oct 2004	3 months	7 months	-6.22%
6	May 2013	Jun 2013	2 months	Oct 2013	4 months	6 months	-5.83%
7	Sep 2014	Dec 2014	4 months	Apr 2015	4 months	8 months	-5.75%
8	Mar 2005	Apr 2005	2 months	Jul 2005	3 months	5 months	-5.73%
9	Jan 2014	Jan 2014	1 month	Mar 2014	2 months	3 months	-4.37%
10	Oct 2005	Oct 2005	1 month	Nov 2005	1 month	2 months	-4.23%
Worst 10 drawdowns included above

Drawdowns for Portfolio 2

Drawdowns for Portfolio 2 (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Nov 2007	Feb 2009	1 year 4 months	Apr 2014	5 years 2 months	6 years 6 months	-59.72%
2	Jun 2014	Feb 2016	1 year 9 months	May 2017	1 year 3 months	3 years	-20.77%
3	Mar 2005	May 2005	3 months	Jul 2005	2 months	5 months	-4.49%
4	Mar 2004	Apr 2004	2 months	Sep 2004	5 months	7 months	-3.93%
5	Oct 2005	Oct 2005	1 month	Dec 2005	2 months	3 months	-3.23%
6	Jun 2007	Aug 2007	3 months	Sep 2007	1 month	4 months	-3.22%
7	May 2006	May 2006	1 month	Aug 2006	3 months	4 months	-2.45%
8	Jan 2005	Jan 2005	1 month	Feb 2005	1 month	2 months	-1.89%
9	Feb 2007	Feb 2007	1 month	Mar 2007	1 month	2 months	-0.99%
10	Jun 2017	Jun 2017	1 month	Jul 2017	1 month	2 months	-0.77%
Worst 10 drawdowns included above

Drawdowns for Portfolio 3

Drawdowns for Portfolio 3 (worst 10)
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Mar 2008	Nov 2008	9 months	Jul 2009	8 months	1 year 5 months	-10.03%
2	May 2013	Aug 2013	4 months	Apr 2014	8 months	1 year	-4.24%
3	Feb 2015	Jun 2015	5 months	Apr 2016	10 months	1 year 3 months	-3.67%
4	Oct 2016	Nov 2016	2 months	Apr 2017	5 months	7 months	-2.07%
5	Nov 2010	Dec 2010	2 months	May 2011	5 months	7 months	-1.97%
6	Mar 2007	Jun 2007	4 months	Aug 2007	2 months	6 months	-1.62%
7	Dec 2006	Jan 2007	2 months	Feb 2007	1 month	3 months	-1.06%
8	Sep 2005	Oct 2005	2 months	Dec 2005	2 months	4 months	-1.02%
9	Apr 2004	May 2004	2 months	Aug 2004	3 months	5 months	-0.89%
10	Mar 2006	Apr 2006	2 months	Jul 2006	3 months	5 months	-0.72%
Worst 10 drawdowns included above

Drawdowns for iShares MSCI Spain Capped ETF

Drawdowns for iShares MSCI Spain Capped ETF
Rank	Start	End	Length	Recovery By	Recovery Time	Underwater Period	Drawdown
1	Dec 2007	May 2012	4 years 6 months				-58.63%
2	Mar 2004	Jul 2004	5 months	Oct 2004	3 months	8 months	-7.17%
3	Mar 2005	Apr 2005	2 months	Aug 2005	4 months	6 months	-6.41%
4	Oct 2005	Nov 2005	2 months	Jan 2006	2 months	4 months	-4.08%
5	May 2006	May 2006	1 month	Jul 2006	2 months	3 months	-2.92%
6	Jun 2007	Aug 2007	3 months	Sep 2007	1 month	4 months	-2.81%
7	Feb 2007	Feb 2007	1 month	Mar 2007	1 month	2 months	-1.72%
8	Jan 2005	Jan 2005	1 month	Feb 2005	1 month	2 months	-1.61%

Portfolio Assets

Performance statistics for portfolio components
Name	CAGR	Stdev	Best Year	Worst Year	Max. Drawdown	Sharpe Ratio	Sortino Ratio	US Mkt Correlation
US Stock Market	8.94%	13.84%	33.35%	-37.04%	-50.89%	0.60	0.87	1.00
Intl Developed ex-US Market	6.50%	16.76%	28.27%	-41.27%	-57.06%	0.39	0.56	0.88
Emerging Markets	9.02%	21.92%	75.98%	-52.81%	-62.70%	0.45	0.67	0.79
10-year Treasury	4.26%	7.20%	20.53%	-10.17%	-10.21%	0.45	0.74	-0.31
Global Bonds (Unhedged)	4.76%	7.09%	17.17%	-6.36%	-17.49%	0.52	0.81	0.28
European Stocks	6.29%	18.31%	33.42%	-44.73%	-59.72%	0.36	0.52	0.87
Global Bonds (USD Hedged)	5.47%	3.67%	15.30%	-2.35%	-10.03%	1.12	1.88	0.17

Monthly Correlations

Correlations for the portfolio assets
Name	US Stock Market	Intl Developed ex-US Market	Emerging Markets	10-year Treasury	Global Bonds (Unhedged)	European Stocks	Global Bonds (USD Hedged)	Portfolio 1	Portfolio 2	Portfolio 3	iShares MSCI Spain Capped ETF
US Stock Market	-	0.88	0.79	-0.31	0.28	0.87	0.17	0.87	0.87	0.17	0.70
Intl Developed ex-US Market	0.88	-	0.88	-0.21	0.48	0.98	0.24	0.95	0.98	0.24	0.86
Emerging Markets	0.79	0.88	-	-0.16	0.47	0.85	0.28	0.98	0.85	0.28	0.71
10-year Treasury	-0.31	-0.21	-0.16	-	0.43	-0.23	0.53	-0.16	-0.23	0.53	-0.14
Global Bonds (Unhedged)	0.28	0.48	0.47	0.43	-	0.47	0.73	0.50	0.47	0.73	0.46
European Stocks	0.87	0.98	0.85	-0.23	0.47	-	0.22	0.92	1.00	0.22	0.88
Global Bonds (USD Hedged)	0.17	0.24	0.28	0.53	0.73	0.22	-	0.30	0.22	1.00	0.18

Portfolio Return Decomposition

Portfolio return decomposition
Name	Portfolio 1	Portfolio 2	Portfolio 3
US Stock Market	$5,714
Intl Developed ex-US Market	$3,787
Emerging Markets	$10,607
10-year Treasury	$989
Global Bonds (Unhedged)	$894
European Stocks		$13,505
Global Bonds (USD Hedged)			$11,089

Portfolio Risk Decomposition

Portfolio risk decomposition
Name	Portfolio 1	Portfolio 2	Portfolio 3
US Stock Market	16.85%
Intl Developed ex-US Market	22.12%
Emerging Markets	59.84%
10-year Treasury	-0.55%
Global Bonds (Unhedged)	1.74%
European Stocks		100.00%
Global Bonds (USD Hedged)			100.00%

Annual Asset Returns

Rolling returns summary
Roll Period	Portfolio 1			Portfolio 2			Portfolio 3			iShares MSCI Spain Capped ETF
Roll Period	Average	High	Low	Average	High	Low	Average	High	Low	Average	High	Low
1 year	10.50%	44.92%	-37.75%	8.62%	33.42%	-44.73%	5.57%	15.30%	-2.35%	8.06%	49.25%	-36.78%
3 years	7.31%	20.33%	-2.64%	5.03%	20.78%	-8.54%	5.53%	10.76%	1.81%	3.84%	26.63%	-11.97%
5 years	6.32%	13.92%	1.93%	3.64%	13.01%	-5.10%	5.77%	8.10%	3.29%	2.09%	9.68%	-8.35%
7 years	6.77%	11.58%	2.95%	3.75%	7.74%	-0.72%	6.19%	7.13%	5.28%	1.24%	7.65%	-3.34%
10 years	6.28%	9.52%	4.18%	3.54%	7.40%	0.51%	5.76%	6.02%	5.51%	2.00%	7.67%	-2.18%
Result statistics are based on annualized rolling returns over full calendar year periods